Coinbase Global (NASDAQ:COIN) Stock Price Up 3.2% – What’s Next?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) shot up 3.2% on Friday . The stock traded as high as $307.29 and last traded at $305.50. 3,830,557 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 8,047,986 shares. The stock had previously closed at $296.01.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on COIN. Mizuho boosted their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Barclays upped their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Bank of America upped their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Oppenheimer dropped their price objective on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $282.83.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50-day simple moving average of $290.70 and a two-hundred day simple moving average of $233.19. The stock has a market capitalization of $77.10 billion, a price-to-earnings ratio of 52.51 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the business earned ($0.01) earnings per share. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. On average, equities research analysts predict that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 25,194 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the completion of the transaction, the director now owns 10,417 shares of the company’s stock, valued at $3,114,162.15. This trade represents a 70.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total value of $304,950.00. Following the completion of the transaction, the chief operating officer now owns 175,101 shares of the company’s stock, valued at $35,598,033.30. This trade represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 367,489 shares of company stock valued at $109,624,297. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of COIN. Envestnet Asset Management Inc. boosted its position in shares of Coinbase Global by 14.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock valued at $9,966,000 after purchasing an additional 5,767 shares during the period. AE Wealth Management LLC boosted its position in Coinbase Global by 17.9% during the 2nd quarter. AE Wealth Management LLC now owns 941 shares of the cryptocurrency exchange’s stock worth $209,000 after acquiring an additional 143 shares during the period. Sei Investments Co. boosted its position in Coinbase Global by 22.3% during the 2nd quarter. Sei Investments Co. now owns 12,128 shares of the cryptocurrency exchange’s stock worth $2,694,000 after acquiring an additional 2,212 shares during the period. Public Sector Pension Investment Board boosted its position in Coinbase Global by 7.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 25,178 shares of the cryptocurrency exchange’s stock worth $5,595,000 after acquiring an additional 1,727 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Coinbase Global by 71.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 35,578 shares of the cryptocurrency exchange’s stock worth $7,906,000 after acquiring an additional 14,866 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.